This headline should include a caveat. It should read: Thailand has a bright future in the tech industry if the Thailand startup community uses the resources offered wisely.
Large, well-established tech companies have seen the wisdom in investing in the future. Their goal is to nurture the brilliant young minds of today in the hope that it will enable their companies to grow and expand their technological capabilities far into the future.
The government has recognized this young resource as well. They’ve created organizations such as the Board of Investment (BOI) and the tax incentives they offer that will help the startup community of Thailand succeed and contribute to the economy of the country.
In between these two powerful resources are the VCs, mentorships, incubators and accelerator programs that all help to get the startup off the ground and contribute to the growth of technology in Thailand and the world.
But it is up to the startups to recognize which of these resources would be most beneficial to their company at different phases of their growth. The ability to utilize these resources wisely in your growth history to become a profitable enterprise is one of the most important advantages you can have as an entrepreneur.
This is an old carpenter's adage that is telling you to slow down and think about what you're doing before you make a commitment. It applies to most areas of life, and one of the most important is the business world.
Starting a company is no simple task, so you better get it right from the start. Your future and that of your employees and investors depend on you taking the time to launch your startup correctly.
Talk to friends, colleagues, and family before you even register your company. Use them as a sounding board to see if your goals are attainable and manageable. There are many members of the startup community in Thailand who are more than willing to help you make the right decisions. Seek them out and take heed of what they say.
For most entrepreneurs just starting in the tech industry, investment is their main goal. But even if you’ve come up with a great idea and VCs are lining up to invest in your idea and your startup, investment too early in your startup’s growth can come with its own sets of problems.
With investment comes obligations. Before you accept any investment, know what the people behind the investment expect from your company going forward. Of course, there will be a contract between your company and the investor. But some attitudes and thinking are not stated in black and white within a contract.
If the investor assumes that you’ll turn right when it was your plan all along to turn left, you’ll have a problem moving forward with your startup’s goals. Get to know the strategy and thinking of the people behind the investment before accepting any money from them.
While you may jump at the tax incentives offered by the government, you may be less eager to accept guidance and help on a one-on-one basis. This is your ego getting in the way of your company’s goals. And this can be the kiss of death to your grand ideas of success.
Know when it’s business and when it’s personal. Enroll in a mentorship program, incubator or accelerator program and don’t be too proud to pivot your goals based on the advice they offer. They’ve become respected members of the Thailand startup community because of their knowledge about the specifics of the tech industry.
Your great idea is like your child. You want it to grow up to be healthy, but to do that you have to accept the advice of doctors and teachers who know more about the proper way to raise a child than you do.
Your investors won’t think any less of your abilities if you continue to educate yourself in the business methods of the tech industry. They’ll see it as an asset. Objectivity is valuable. Sometimes it takes a total stranger to point out something you're doing wrong and offer advice on correcting the situation.
Once you learn to treat your business as a separate entity, you'll gain the objectivity to make decisions based on other aspects of business besides your own goals.
This the point where you’ll begin to realise how bright the future is for Thailand in the tech industry. There are so many helpful resources available for tech entrepreneurs. Deciding which ones would be of the greatest benefit to your particular startup takes an objective viewpoint.
But once you can look at the entire situation objectively, you’ll understand that all of these benefits are not designed to help you alone. They’re designed to spur the advancement of the tech industry as a whole in Thailand. And that is very good news for the tech industry, the Thai economy, and the residents of Thailand.